| | 看涨期权 | 看跌期权 | | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 液化石油气 | 125.17% | 锡 | 88.55% | | 原油 | 118.22% | 碳酸锂 | 86.57% | | 苹果 | 92.23% | 铝 | 56.82% | | 纯苯 | 91.11% | 鸡蛋 | 52.08% | | 聚丙烯 | 87.75% | 锌 | 46.02% | | 塑料 | 82.78% | 镍 | 40.05% | | 甲醇 | 73.77% | 铸造铝合金 | 39.75% | | 燃料油 | 69.68% | 天然橡胶 | 34.80% | | 沥青 | 61.09% | 铂 | 34.45% | | 丙烯 | 56.81% | 多晶硅 | 27.81% | 交易咨询业务资格： 证监许可【2012】1091号 完稿时间:2026年03月04日 | 分析师： | 杜淑芳 | | --- | --- | | 从业资格证号: | F0230469 | | 投资咨询证号: | Z0000690 | | TEL: | 0575 ...

| 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | | 品种 | 日涨跌幅 | 品种 | 日涨跌幅 | | 锰硅 | 133.33% | PVC | 41.32% | | 硅铁 | 37.72% | 多晶硅 | 39.68% | | 碳酸锂 | 25.94% | 棕榈油 | 37.41% | | 白糖 | 24.50% | 短纤 | 36.78% | | 铂 | 17.20% | 塑料 | 33.14% | | 液化石油气 | 15.95% | 合成橡胶 | 30.77% | | 燃料油 | 6.89% | 纯苯 | 28.69% | | 铸造铝合金 | 6.09% | 甲醇 | 28.40% | | 豆粕 | 4.12% | 工业硅 | 26.64% | | 铅 | 4.07% | 氧化铝 | 26.41% | 备注：上述涨跌幅统一以各品种主力合约的平值期权为标的，并以其 收盘价作为计算基准。 表 2：期权持仓 商品期权日报(2026 年 02 月 27 日) 表 1：期权行情 | 看涨期权 | | | 看跌期权 | | --- | --- | --- | --- | ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - Not provided in the content 3. Summary by Relevant Catalogs 3.1 Market Overview - The report presents the trading volume and open interest data of the commodity options market, including the overall market and different sectors such as agriculture, energy and chemicals, black metals, precious metals, and non - ferrous metals and new energy. The overall trading volume of the market this week was 6,628,465.8, a decrease of 0.95% from last week, and the open interest was 7,083,253, a decrease of 0.24% from last week. Among them, the trading volume of agricultural products increased by 0.48%, while the trading volume of other sectors decreased to varying degrees [5]. 3.2 Market Data 3.2.1 Market Overview - The report provides the quantitative data of commodity options, including the at - the - money volatility, 60 - day quantile, skew, and 60 - day skew quantile of various options. For example, the at - the - money volatility of corn options is 8.65%, and the 60 - day quantile is 13.33% [15]. 3.2.2 - 3.2.61 Various Option Data - For each type of option (such as corn options, soybean meal options, etc.), the report details the closing price, trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, HV - 10 days, HV - 20 days, and skew of the main and secondary contracts. For example, for corn options, the total trading volume of the main contract this week was 145,658, an increase of 48,066 from last week, and the volume PCR was 0.4574, a decrease of 0.0707 from last week [17].

Group 1: Option Market Quotes - The daily price changes of call options for various commodities are as follows: asphalt 88.61%, corn starch 59.32%, liquefied petroleum gas 34.88%, p - xylene 21.31%, alumina 15.97%, corn 15.71%, fuel oil 14.54%, methanol 11.73%, short - fiber 9.96%, PTA 9.63% [1] - The daily price changes of put options for various commodities are as follows: caustic soda 90.67%, log 79.07%, palladium 47.03%, platinum 35.39%, tin 33.04%, nickel 31.24%, silver 27.03%, copper 22.04%, rebar 19.59%, coking coal 18.08% [1] Group 2: Option Positions - The daily changes in call option positions for various commodities are as follows: methanol 42,604, caustic soda 19,694, glass 17,313, soda ash 15,825, silver 13,395, asphalt 6,713, rapeseed meal 5,885, coking coal 5,587, soybean meal 4,790, ethylene glycol 3,320 [2] - The daily changes in put option positions for various commodities are as follows: PTA 8,361, methanol 6,189, alumina 4,191, cotton 3,781, caustic soda 2,834, styrene 2,239, rebar 1,355, silicomanganese 1,351, rapeseed meal 1,264, crude oil 1,103 [2] Group 3: Option Position Put - Call Ratio (PCR) - High - position PCR varieties: apple (1.6057), offset - printing paper (1.192), propylene (1.1382), bottle chips (1.0699), short - fiber (1.0328), cast aluminum alloy (1.0007), synthetic rubber (0.9576), iron ore (0.9511), lithium carbonate (0.9433), soybean No. 2 (0.8643) [5] - Low - position PCR varieties: caustic soda (0.2383), alumina (0.2431), live pigs (0.2615), soda ash (0.2619), red dates (0.2978), ethylene glycol (0.3744), methanol (0.3936), coking coal (0.3943), lead (0.3956), log (0.4008) [5] Group 4: Option Trading Volume Put - Call Ratio (PCR) - High - trading - volume PCR varieties: propylene (1.4211), silver (1.3878), nickel (1.2476), iron ore (1.1227), industrial silicon (1.0666), polysilicon (1.011), copper (0.9758), lithium carbonate (0.9645), zinc (0.9487), aluminum (0.9379) [6] - Low - trading - volume PCR varieties: alumina (0.1701), ethylene glycol (0.1962), red dates (0.2064), coking coal (0.2945), corn (0.3587), ferrosilicon (0.364), corn starch (0.3642), methanol (0.3754), silicomanganese (0.389), asphalt (0.4081) [6] Group 5: Daily Selections - Call options: alumina (ao2605C2900, trend degree 45, put - call ratio 0.24, remaining days 77), crude oil (sc2604C470, trend degree 37, put - call ratio 0.54, remaining days 35), sugar (SR605C5300, trend degree 35, put - call ratio 0.49, remaining days 66), asphalt (bu2604C3550, trend degree 23, put - call ratio 0.49, remaining days 47), apple (AP605C9900, trend degree 23, put - call ratio 1.61, remaining days 49), silicomanganese (SM605C5900, trend degree 21, put - call ratio 0.47, remaining days 66), glass (FG605C1140, trend degree 19, put - call ratio 0.41, remaining days 66), PVC (v2605 - C - 5100, trend degree 19, put - call ratio 0.46, remaining days 70) [7] - Put options: ethylene glycol (eg2605 - P - 3550, trend degree - 55, put - call ratio 0.37, remaining days 70), lead (pb2604P16000, trend degree - 55, put - call ratio 0.4, remaining days 47), iron ore (i2605 - P - 740, trend degree - 55, put - call ratio 0.95, remaining days 70), rebar (rb2605P3050, trend degree - 55, put - call ratio 0.44, remaining days 77), pulp (sp2605P4950, trend degree - 53, put - call ratio 0.86, remaining days 77), industrial silicon (si2605 - P - 8300, trend degree - 53, put - call ratio 0.49, remaining days 61), silver (ag2604P18500, trend degree - 53, put - call ratio 0.83, remaining days 47), caustic soda (SH605P2040, trend degree - 53, put - call ratio 0.24, remaining days 66) [7] Group 6: Near - Expiry Options - Call options: cotton (CF603C14800, remaining days 3, option closing price 42.0, break - even point 14845.0, break - even increase 1.26%, option doubling point 14890.0, doubling increase 1.57%), glass (FG603C1000, remaining days 3, option closing price 11.5, break - even point 1012.5, break - even increase 1.76%, option doubling point 1025.0, doubling increase 3.02%), etc. [8] - Put options: cotton (CF603P14600, remaining days 3, option closing price 67.0, break - even point 14530.0, break - even decrease - 0.89%, option doubling point 14460.0, doubling decrease - 1.36%), glass (FG603P990, remaining days 3, option closing price 9.5, break - even point 979.5, break - even decrease - 1.56%, option doubling point 969.0, doubling decrease - 2.61%), etc. [9]

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - No information provided 3. Summary by Relevant Catalogs Option Quotes - The daily percentage changes of call options for fuel oil, asphalt, and short - fiber are 97.27%, 46.67%, and 43.38% respectively. The daily percentage changes of put options for offset printing paper, lead, and corn are 12.24%, 6.80%, and 6.25% respectively [1] Option Positions - The daily changes in call option positions for methanol, PTA, and fuel oil are 33565, 16765, and 12896 respectively. The daily changes in put option positions for PTA, glass, and soda ash are 32223, 24052, and 12483 respectively [2] Option Position Put - Call Ratio (PCR) - High - position PCR varieties include apple (1.5705), propylene (1.1986), and offset printing paper (1.1185). Low - position PCR varieties include alumina (0.2203), live pigs (0.2572), and soda ash (0.2926) [5] Option Volume Put - Call Ratio (PCR) - High - volume PCR varieties include apple (1.5386), iron ore (1.3131), and palladium (1.2957). Low - volume PCR varieties include alumina (0.2083), natural rubber (0.2091), and red dates (0.2174) [6] Daily Selections - Call option selections include PVC, soda ash, and alumina with trend degrees of 55, 49, and 49 respectively. Put option selections include lead, eggs, and lithium carbonate with trend degrees of - 55, - 55, and - 47 respectively [7] Near - Expiration Options - For call options of near - expiration options, such as lithium carbonate, the option closing price is 2430.0, the underlying settlement price is 148020.0, and the break - even underlying price and its increase rate are 152436.0 and 2.98% respectively. For put options, such as lithium carbonate, the option closing price is 4100.0, the underlying settlement price is 148020.0, and the break - even underlying price and its decrease rate are 143894.0 and - 2.79% respectively [8]

1. Market Overview - The total trading volume of the commodity options market this week was 8,927,530.8, up 0.4% from last week, and the total open interest was 9,142,747, up 0.02% [5]. - The trading volume of agricultural products options was 1,480,074.0, up 0.58%, and the open interest was 3,149,035, up 0.04% [5]. - The trading volume of energy and chemical options was 4,184,971.8, up 0.89%, and the open interest was 3,674,765, up 0.15% [5]. - The trading volume of black options was 340,558.0, down 0.65%, and the open interest was 738,944, up 0.12% [5]. - The trading volume of precious metal options was 812,581.6, down 0.97%, and the open interest was 334,994, down 0.37% [5]. - The trading volume of non - ferrous and new energy options was 2,109,345.4, up 0.42%, and the open interest was 1,245,009, down 0.21% [5]. 2. Market Data 2.1 Market Overview - The report provides the implied volatility, 60 - day quantile, skew, and 60 - day skew quantile of the at - the - money options for various commodities such as corn, soybean meal, and methanol [15]. 2.2 - 2.61 Specific Commodity Options - For each of the 61 types of commodity options (e.g., corn options, soybean meal options), the report details the closing price, price change, remaining trading days of the main and secondary contracts, as well as the trading volume, open interest, volume PCR, open interest PCR, at - the - money volatility, 10 - day historical volatility (HV - 10), 20 - day historical volatility (HV - 20), and skew. For example, in corn options, the main contract's closing price was 2271, down 29, with 14 remaining trading days [16].

Group 1: Report Overview - The report is the Commodity Options Daily Report on February 2, 2026 [1] Group 2: Option Quotes Call Options - PVC had the highest daily increase of 57.92%, followed by logs (47.22%) and red dates (19.14%). Polypropylene had the largest decline of 1.16% [1] Put Options - Pulp had the highest daily increase of 164.37%, followed by tin (100.55%) and copper (88.94%) [1] Group 3: Option Positions Call Options - Lithium carbonate had the largest daily increase in positions of 31,014, followed by glass (28,078) and soda ash (25,290) [2] Put Options - PVC had the largest daily increase in positions of 8,199, followed by eggs (2,159) and nickel (2,127) [2] Group 4: Option Position Put - Call Ratio (PCR) High - PCR Varieties - Apple had the highest PCR of 1.4984, followed by silver (1.4638) and propylene (1.3002) [5] Low - PCR Varieties - Alumina had the lowest PCR of 0.2133, followed by live pigs (0.2586) and soda ash (0.29) [5] Group 5: Option Volume Put - Call Ratio (PCR) High - PCR Varieties - Polysilicon had the highest PCR of 1.717, followed by rapeseed meal (1.0022) and lithium carbonate (0.9981) [6] Low - PCR Varieties - Red dates had the lowest PCR of 0.1316, followed by lead (0.18) and live pigs (0.1996) [6] Group 6: Daily Selections Call Options - Synthetic rubber had a trend degree of 55, followed by PVC and plastic with a trend degree of 53 [7] Put Options - Live pigs had a trend degree of - 53, followed by polysilicon with a trend degree of - 47 [7] Group 7: Near - Expiry Options Call Options - For crude oil call option sc2603C485, the remaining days were 2, the option closing price was 6.0, and the break - even target price increase was 5.82% [8] Put Options - For crude oil put option sc2603P480, the remaining days were 2, the option closing price was 15.8, and the break - even target price decrease was - 8.01% [8]

Core Viewpoint - The article emphasizes the strategic opportunities and responsibilities of China's capital markets as they enter the "15th Five-Year Plan" period, focusing on high-quality development and reform initiatives across various exchanges [3][4][6]. Group 1: Shanghai Stock Exchange (SSE) - SSE aims to enhance market stability and investor confidence by improving risk monitoring and promoting high-quality listed companies through actions like dividend repurchases [4]. - The exchange will leverage the Sci-Tech Innovation Board as a testing ground for reforms, focusing on attracting resources to strategic emerging industries [4]. - SSE is committed to strengthening regulatory measures against fraud and enhancing investor protection through technology [4][5]. Group 2: Shenzhen Stock Exchange (SZSE) - SZSE plans to enhance its institutional adaptability to foster a high-quality listing environment, particularly for innovative companies [8][9]. - The exchange will promote coordinated development of investment and financing, encouraging companies to increase dividends and share buybacks [9]. - SZSE aims to strengthen its international presence by enhancing communication and cooperation within the Greater Bay Area and expanding its global outreach [9][10]. Group 3: Beijing Stock Exchange (BSE) - BSE expresses gratitude towards the Securities Times for its support in promoting market development and aims to enhance collaboration for capital market reform [13]. - The exchange emphasizes the importance of media in conveying market policies and fostering a positive environment for high-quality development [13]. Group 4: Dalian Commodity Exchange (DCE) - DCE focuses on enhancing its product offerings and risk management tools, successfully launching new futures and options to meet industry needs [26]. - The exchange is committed to expanding its international reach by increasing the number of products available to foreign investors [26][27]. - DCE aims to strengthen its governance and operational standards to align with international practices [26]. Group 5: Zhengzhou Commodity Exchange (ZCE) - ZCE emphasizes the importance of political leadership and regulatory compliance in maintaining market stability and supporting the real economy [20][21]. - The exchange plans to enhance its service capabilities by developing new products and expanding its role in supporting national strategies [21][22]. - ZCE aims to improve investor education and protection mechanisms to foster a more informed investment environment [22]. Group 6: Guangzhou Futures Exchange (GFE) - GFE is committed to promoting green development and supporting the transition to a low-carbon economy through innovative financial products [31][34]. - The exchange plans to enhance its market functions by introducing new green commodities and expanding its international partnerships [34][35]. - GFE aims to align its operations with national strategies for sustainable development and actively participate in global green finance initiatives [35][36].

Core Viewpoint - The Shanghai Futures Exchange (SHFE) is committed to becoming a world-class exchange by enhancing product offerings, improving risk management, and increasing international influence in the new year [2][3][4] Group 1: Product Development and Market Functionality - SHFE has successfully launched new futures and options products, including aluminum alloy, printing paper, fuel oil, asphalt, and pulp options, to support the modernization of the industrial system [3] - The number of products available for Qualified Foreign Institutional Investors (QFII) has increased to 32, facilitating a more open market environment [3] - The exchange has authorized the delivery settlement price of natural rubber futures to overseas markets, enhancing the global service capability of "Chinese prices" [3] Group 2: Risk Management and Operational Stability - SHFE is focused on strengthening market risk management and ensuring the safe operation of the system, which effectively protects investors' legal rights [3] - The exchange has established 138 integrated service bases nationwide to support enterprises in cost reduction and risk management [3] Group 3: Strategic Goals and Future Plans - In the new year, SHFE will implement the spirit of the 20th Central Committee's Fourth Plenary Session, focusing on optimizing product functionality and building a robust risk control and regulatory framework [4] - The exchange aims to enhance the international influence of "Shanghai prices" and contribute to the construction of an international financial center [4]

Core Viewpoint - The "15th Five-Year Plan" marks a new journey for China's capital markets, emphasizing high-quality development and reform to support the modernization of the economy [2][5]. Group 1: Shanghai Stock Exchange (SSE) - SSE aims to enhance market stability and maintain a focus on risk prevention, strong regulation, and promoting high-quality development [3][4]. - The exchange has become the third-largest stock market globally and the largest bond market, with a strong position in ETF and options trading [3]. - SSE plans to leverage the Sci-Tech Innovation Board as a testing ground for reforms and to attract resources to strategic emerging industries [4]. Group 2: Shenzhen Stock Exchange (SZSE) - SZSE is committed to supporting the Guangdong-Hong Kong-Macao Greater Bay Area and aims to become a world-class exchange by 2035 [6][7]. - The exchange will enhance its institutional adaptability and promote the development of high-quality innovative companies [7]. - SZSE emphasizes the importance of investor returns and aims to strengthen the coordination of investment and financing [8]. Group 3: Beijing Stock Exchange (BSE) - BSE expresses gratitude to the Securities Times for its support in promoting the development of the new third board market [9]. - The exchange aims to enhance its role in capital market reform and development through collaboration with media and stakeholders [9]. Group 4: Shanghai Futures Exchange (SHFE) - SHFE focuses on enhancing product functionality and supporting the modernization of industrial systems [11]. - The exchange has expanded the range of products available for qualified foreign institutional investors (QFII) and aims to strengthen its international presence [11]. - SHFE is committed to maintaining market stability and protecting investor rights through robust risk management [12]. Group 5: Zhengzhou Commodity Exchange (ZCE) - ZCE emphasizes the importance of serving the real economy and enhancing its regulatory framework [13][14]. - The exchange plans to develop new products and deepen its service capabilities to support national strategies [14]. - ZCE aims to strengthen investor education and improve market communication to foster a rational investment environment [15]. Group 6: Dalian Commodity Exchange (DCE) - DCE has successfully launched new futures products and enhanced its risk management tools [17]. - The exchange is expanding its international reach by increasing the number of products available to foreign investors [17]. - DCE is focused on digital transformation to improve service quality and operational efficiency [17]. Group 7: China Financial Futures Exchange (CFFEX) - CFFEX aims to enhance its service to the real economy and improve market resilience through effective risk management [19][20]. - The exchange is committed to strengthening its regulatory framework and promoting long-term capital market stability [19]. - CFFEX plans to collaborate with media to effectively communicate the role of capital markets in supporting the economy [20]. Group 8: Guangzhou Futures Exchange (GFEX) - GFEX is dedicated to promoting green development and supporting the transition to a low-carbon economy [21][23]. - The exchange has successfully launched new green products and aims to enhance its international cooperation [22][23]. - GFEX plans to focus on product innovation and deepen its market services to better meet industry needs [23][24].